08 January 2016
I m in joint venture with builder and developing my ancesteral land in 60:40 ratio. mine is 60.
area is one acre . in this case how to calculate capital gain tax and profit from sale of flat.
plz suggest.
08 January 2016
Incidence of capital gain -------------------------------- Transfer takes place when the land owner enters into a development agreement with the developer. Market value of the land will be taken as consideration.
Business Income ----------------------- Profit derived from the development activity. Arising on sale of land & construction or on the basis of accounting method followed. .
CAclubindia
